United Technologies approves buyback of 60 million shares

HARTFORD -- United Technologies may buy back up to 60 million of its shares, replacing an approximately $4.3 billion stock buyback program which began almost three years ago and is nearly spent.

The industrial conglomerate said Monday that the new program's value is $5.4 billion at today's stock prices. It expects its repurchases to total about $1 billion this year, unchanged from a previous estimate.

Companies buy back stock in an effort to reward shareholders, as reducing the number of stock outstanding can lift earnings per share.